RAREX LIMITED — Share Issue/Capital Change 2026

May 7, 2026

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Announcement Summary

Entity name
RAREX LIMITED

Date of this announcement
Friday May 08, 2026

The +securities the subject of this notification are:
+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Total number of +securities to be issued/transferred

ASX +security code	Security description	Total number of +securities to be issued/transferred	Issue date
New class - code to be confirmed	Options exercisable at $0.045 expiring 8 May 2029	90,909,072	08/05/2026

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 1 - Entity and announcement details

1.1 Name of entity
RAREX LIMITED
We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type
Registration number
ABN
65105578756

1.3 ASX issuer code
REE

1.4 The announcement is
New announcement

1.5 Date of this announcement
8/5/2026

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 2 - Issue details

2.1 The +securities the subject of this notification are:
+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Previous Appendix 3B details:

Announcement Date and Time	Announcement Title	Selected Appendix 3B to submit quotation request
27-Jan-2026 09:22	New - Proposed issue of securities - REE	A placement or other type of issue

2.3a.2 Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B?
No

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 3A - number and type of +securities the subject of this notification (existing class or new class) where issue has previously been notified to ASX in an Appendix 3B

Placement Details

• ASX +security code and description

• new unquoted class of security

• Date the +securities the subject of this notification were issued

• 8/5/2026

• Any other information the entity wishes to provide about the +securities the subject of this notification

Issue details

• Number of +securities

• 90,909,072

• Were the +securities issued for a cash consideration?

• No

• Please describe the consideration being provided for the +securities

• Nil

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 3C - number and type of +securities the subject of this notification (new class)

ASX +security code	+Security description
New class - code to be confirmed	Options exercisable at $0.045 expiring 8 May 2029
+Security type	ISIN code
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Options

Date the +securities the subject of this notification were issued
8/5/2026

Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1?
No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.
https://announcements.asx.com.au/asxpdf/20260402/pdf/06y4bm3yw51sln.pdf

Options Details

+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.04500000	8/5/2029

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option
REE : ORDINARY FULLY PAID

Any other information the entity wishes to provide about the +securities the subject of this notification
Free attaching options to placement, as approved by shareholders on 6 May 2026

Issue details

Number of +securities
90,909,072

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

ASX +security code and description	Total number of +securities on issue
REE : ORDINARY FULLY PAID	1,212,800,383
REEO : OPTION EXPIRING 22-OCT-2028	106,818,181

4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

ASX +security code and description	Total number of +securities on issue
REEAK : OPTION EXPIRING 27-DEC-2027 EX $0.018	33,000,000
REEAD : PERFORMANCE RIGHTS	103,500,000
REEAN : OPTION EXPIRING 22-OCT-2028 EX $0.033	15,000,000
REEAO : OPTION EXPIRING 07-JAN-2029 EX $0.045	1,000,000
REEAL : OPTION EXPIRING 23-SEP-2028 EX $0.025	30,000,000
REEAM : OPTION EXPIRING 13-OCT-2028 EX $0.046	43,000,000
REEAJ : OPTION EXPIRING 01-MAR-2026 EX $0.10	4,500,000
New class - code to be confirmed : Options exercisable at $0.045 expiring 8 May 2029	90,909,072

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities